A harmful practice called breast ironing or flattening affects about 3.8 million women in Africa, including some parts of Nigeria. The practice aims to delay development in adolescent girls. Gibson Emeka has this story, narrated by Salem Solomon.
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Africa's biggest pay TV company MultiChoice Group
said on Thursday its subsidiaries have reached a settlement with Nigerian tax authorities and agreed to pay a total tax amount of about $37.3 million.
Nigeria's Federal Inland Revenue Service (FIRS) froze MultiChoice Nigeria's accounts in 2022 and served MultiChoice Group with a 1.8 trillion naira ($1.27 billion) tax claim for its Nigeria operation and a $342 million claim for value-added taxes.
The group said in a statement the total tax amount of 35.4 billion naira to be paid by MultiChoice Nigeria and MultiChoice Africa Holdings will be offset against the security deposits and good faith payments made to date.
Nigerian state-oil company NNPC said on Thursday it has no plans to raise petrol prices after a second devaluation of the local naira currency in less than a year, following speculation that it could increase prices to recover some of its import costs.
The official naira exchange rate last week plunged to as low as 1,531 per dollar from 900, well below black market levels, after the market regulator changed its closing rate calculation methodology, in a de facto devaluation.
The official rate had been drifting towards parallel market levels as forex shortages funnelled demand to unofficial sources.
The Nigerian National Petroleum Corporation (NNPC), -- the sole importer of petrol because local private firms are unable to obtain foreign currency -- urged Nigerians to disregard the speculation about price rises, adding that "there are no plans for an upward review of the (petrol) price."
Petrol prices have not budged since last July when President Bola Tinubu scrapped a popular but costly fuel subsidy and lifted restrictions on currency trading which more than tripled petrol prices.
This was a move the president hoped would revive sluggish economic growth, but the reforms pushed inflation to a nearly three-decade high in December, worsening a cost of living crisis.
Tinubu has been under pressure from unions to offer relief to households and small businesses after he scrapped the subsidy that kept petrol prices low but cost the government $10 billion in 2022.
The president has said he was aware of the hardship caused by removing the subsidy and was monitoring the effects of the exchange rate and inflation on gasoline prices, adding that he would intervene if and when necessary.
Nigeria's main unions on Thursday gave a two-week ultimatum to the government to meet demands ranging from a wage increase to improved access to public utilities among others, and said it regretted government's failure to uphold pledges to cushion the effects of reforms.
By Camillus Eboh, Reuters
Nigerian banks have begun full implementation of the Central Bank of Nigeria's revised guidelines on international money transfer operations in the country.
The CBN released revised guidelines for the operations of International money transfer operators (IMTOs) and instructed banks to begin paying dollars and other foreign currency payouts from abroad in naira to boost forex supply and starve black market traders.
Part of the CBN circular reads: "All inbound money transfers to Nigeria shall be paid to beneficiaries in Naira through a bank account, or cash.
"Proceeds of IMTO more than the equivalent of $200 (KSh 32,100) shall be paid through an account. Cash payments shall be made upon the provision of a satisfactory/acceptable means of identification. “Where the beneficiary does not have an account with the IMTO agent bank, the agent bank shall credit the beneficiary account in another bank."
The apex bank also noted that the exchange rate for the naira payment shall be at the prevailing rate in the Nigerian foreign exchange market.
Banks begin full implementation.
In reaction to the new guidelines, Nigerian banks issued statements to their customers explaining the changes. Ecobank message to customers read:
"Dear valued customer, We would like to bring to your attention recent regulatory changes affecting international money transfers into Nigeria.
"With regards to the circular issued by the Central Bank of Nigeria (CBN) dated January 31, 2024, all in-bound money transfers to Nigeria will be paid only in Naira through a bank account or in cash at the prevailing rate in the Nigerian Foreign Exchange Market. "Furthermore, transfers exceeding the equivalent of $200 must be credited to the recipient's bank account while cash payments for amounts below $200 will require an acceptable means of identification. The acceptable means of identification is listed as follows: International passport, Driver's license, National Identity card, INEC Permanent Voters Card (PVC)"
What CBK said on dollar bids In related news, the Central Bank of Kenya (CBK) summoned commercial banks following the continued weakening of the shilling against the greenback. CBK governor Kamau Thugge met with commercial bank officials and senior staff from the Treasury on Monday, February 5.
The meeting aimed to persuade the industry players against setting aggressive dollar bids as Thugge assured banks of access to dollars.
By Dave Ibemere, Legit
Related stories: Nigeria's latest devaluation may be 'turning point' in currency reform drive
The latest report by the International Energy Agency ranked Nigeria first in the world for the most power cuts. The country has for years struggled with challenges in its electricity sector due to limited grid infrastructure and underinvestment which has hindered economic development.
CGTN
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